Real Money

NEW YORK, March 20, 2013 /PRNewswire/ -- To help yachts weather fair and foul seas, XL Group's North America Marine insurance business unveiled ShipShape, a suite of recreational marine coverages tailored to the particular needs of yacht owners.

"XL Group provides insurance for large marine risks across the globe. Now, we're excited to extend our marine underwriting expertise with this new coverage and a team of seasoned underwriters with experience in the recreational marine industry serving the needs of experienced owners of mega yachts and other high-value custom watercraft," said Richard DeSimone, President of XL Group's North America Marine business. "Yacht owners and other recreational watercrafts will benefit from this team's industry knowledge and experience and can tap into XL's global expertise and coverage network, helping protect their vessels wherever their global voyages take them."

According to Rick Salway, Vice President of the new team, "Our clients receive the best of both worlds – the strong capacity and experience of a global insurer like XL Group and the individualized attention that our team is committed to providing. We're looking forward to introducing yacht owners to XL Group and, using the 40 years of marine underwriting experience to give them personalized attention to their individual needs that, I know, will distinguish us in the market."

With limits up to $50 million, ShipShape provides a variety of recreational marine coverages including:

Liability Coverage that extends to paid crew and includes Jones Act, General Maritime Law, and Death on the High Seas Act

Defense Costs outside Liability Limit

Medical Payments extended to paid crew members

Broad Navigational Limits

Veterinary service for pets

To customize the coverage to the yacht owner's needs, more than 30 different coverages are available including protection for additional living expenses, personal articles of significant value on the vessel, marine environmental damage, and emergency towing and wreck removal.